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Fund Objective
The Sub-Fund seeks to provide a balance between capital growth and capital preservation, taking into account the investment manager's view of what investments it believes are typically appropriate for an investor in a UK pension fund retiring on the target retirement date of the Sub-Fund. The investment manager will use proprietary valuation models and may select from a wide range of asset classes and instruments, including derivatives, across different geographical regions to design the portfolio while providing policyholders the ability to purchase and redeem units on an "as of" basis.
Investment Policy
Investments are made in accordance with an asset allocation "glide path" developed by the investment manager for the Sub-Fund. The glide path sets out the types of investments which the investment manager believes are appropriate for the Sub-Fund, taking into account the investment objective and the remaining time until the target retirement date of the Sub-Fund. The asset allocation and risk profile of the Sub-Fund will therefore vary over time and may also be amended from time to time depending upon the investment manager's view of whether a typical investor in a UK pension fund retiring on the target retirement date of the Sub-Fund will purchase an income generating annuity (and, if so, when that purchase will be made), market-events, changes in average life expectancy, inflation, applicable law and regulation or other circumstances deemed relevant by the investmen t manager.
Performance Benchmark
The benchmark for performance measurement purposes is a custom benchmark based on the strategic asset allocation of the portfolio. The composition of this benchmark will be updated on a quarterly basis, in line with changes made to the strategic asset allocation of the portfolio as it moves along the glide path towards the target retire ment date.
Key Facts Structure Limited Company Domicile United Kingdom Investment Manager State Street Global Advisors Limited NAV 2.86 GBP as of 30 September 2026 Currency GBP Net Assets (millions) 180.95 GBP as of 30 September 2026 Inception Date 24 November 2014 Zone Global Settlement Redemption Settlement Cycle, DD+4; Subscription Settlement Cycle, DD+4 Notification Deadline DD+1 09:30am London Time Valuation Daily market close Swing Factor 1 Subscription 0.01% Redemption 0.01% Minimum Initial Investment GBP 0.00 Minimum Subsequent Investment GBP 0.00 1 Indicative as at the date of this factsheet and is subject to change
Timewise Target
Retirement 2045 Sub
Fund
Fact Sheet Multi-Asset
Managed Pension Funds Limited
30 September 2026
For Professional Clients / Qualified Investors Use Only. Not for public distribution.
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Performance Annualised Performance Benchmark
Gross Unswung Difference Net Swung Difference
1 Year (%) 15.72 17.00 1.28 16.64 0.93 3 Year (%) 15.82 16.98 1.15 16.67 0.84 5 Year (%) 9.59 10.18 0.59 9.89 0.30 Since Inception (%) 9.42 9.54 0.13 9.25 -0.17 Cumulative 3 Month (%) 0.79 0.94 0.14 0.91 0.12 1 Year (%) 15.72 17.00 1.28 16.64 0.93 3 Year (%) 55.40 60.10 4.70 58.82 3.42 5 Year (%) 58.07 62.37 4.30 60.26 2.20 Since Inception (%) 190.51 194.54 4.02 185.13 -5.39 Calendar 2026 (year to date) 11.45 12.28 0.84 12.02 0.57 2025 14.68 15.82 1.14 15.54 0.86 2024 14.30 15.03 0.74 14.75 0.45 2023 13.48 14.45 0.97 14.34 0.86 2022 -8.68 -9.45 -0.76 -9.82 -1.13 Past performance is not a guarantee of futur e r e s u l t s . Investing involves risk including the risk of loss o f c a p i t a l . Performance returns for periods of less than one year are not annualised. The Sub-Fund returns are gross of fees (based on unit price) and net of irrecoverable withholding tax. The performance includes the reinvestment of dividends and other corporate earnings and is calculat ed in GBP. The index returns are unmanaged and do not reflect the deduction of any fees or expenses. The index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income. The performance includes the reinvestment of dividends and other corporate earnings and is calculat ed in GBP. The performance figures contained herein are provided on a gross and net of fees basis, gross of fees do not and net of fees do reflect the deduction of advisory or other fees which could reduce t he return. Where performance is quoted as net, this is based on a swung price (includes the bid-offer spread). Where performance is quoted as gross, this is based on the mid price. The calculation method for value added returns may show rounding di fferences. When the Fund is closed according to its official Net Asset Value (NAV) calendar but, nonetheless, a significant portion of the underlying security prices can be determined, a Technical NAV is calculated. Past Performance indicated herein has therefore been calculated using a Technical NAV when required, as well as the official NAV of the Fund as at each other business day for the releva nt period. Any spreads disclosed are indicative only and are subject to the discretion of the investment manager, based on market conditions at the time of tr ansaction. Source: State Street Investment M anagement. All data is as at 30/09/2026
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Asset Allocation Fund (%) World TPI Climate Transition Indx Eq 20.93 MPF North America 100% Hedged ESG Screened 15.14
Dynamic Diversified Fund 13.05 MPF Fundamental Weighted Glb Eq (75pct Hdg) 9.33
SSgA MPF Emerging Markets Fund 6.51 Developed Equities TVT 5.05 SPDR Mstar Multi-Asset Global Infra GBP 5.03 SPDR World Small Cap 5.03 SS ACS MF GLBL ESG EQTY INDX FD 5.00 State Street EM L Cur Govt Bd USD (9TDCB) 4.84
State Street Global High Yield Bond ESG 3.26 MPF Europe ex-UK 100% Hedged 2.52 MPF Japan (100% Hedged) ESG Screened
1.47
MPF Asia Pac ex Japan Eq 100% Hgd 1.16 Emerging Markets TVT 0.89 MPF UK EQUITY INDEX 0.62 MPF Middle East Africa Fund 0.08 Cash 0.07 Asset allocations shown are as of the date indicated and are subject to change. Please note that full details of underlying fund holdings can be found on w w w. w. s t at at e s t r e e t . c o m / i m .
Commentary
Timewise Funds Commentary - Q3 2026 Marke ke t R e v i e w
Global economic activity strengthened during the third quarter, supported by resilient services and continued manufacturing expansion, although labor markets showed signs of moderation and higher energy and input costs renewed inflation pressures. The US economy remained resilient but increasingly reliant on AI-related investment rather than broad-based demand. Softer inflation and labor-market data reduced the urgency for further Fed tightening, although policy was expected to remain restrictive as inflation gradually moderated. In Europe and the UK, policymakers continued to balance subdued growth against energy-driven inflation. Eurozone activity held up better than feared but lacked momentum, while the UK faced greater pressure from high borrowing costs, weak housing activity and slowing labor demand. Across Asia-Pacific, policy paths diverged: Japan's inflation and corporate backdrop supported gradual BoJ normalization, while weak consumption argued against urgency. China continued to prioritize growth support through fiscal stimulus and targeted property measures, while elevated inflation kept the RBA biased toward further tightening. Canada faced a softer outlook amid slowing domestic demand and housing activity.
Risk assets delivered mixed performance during the quarter as resilient growth, strong corporate earnings and continued AI-related investment supported equities, while rising US Treasury yields and higher energy prices weighed on sentiment. Developed-market equities outperformed emerging markets, while value outperformed growth. The S&P 500 earnings backdrop remained strong, with Q3 earnings growth expected to remain robust and positive corporate guidance exceeding negative guidance. Valuations remained broadly around longer-term averages. Fixed income posted negative returns as US Treasury yields rose sharply, particularly at the short end, reflecting expectations that monetary policy
Glide Path
Perc ent
0 40 35 30 25 20 15 10 5 0 5
40
60
80
100
20
Ye ars to Retiremen t Retirement
Emer ging Mark et E quities TVT De veloped E quities TVT
Multi-F actor E quitie s S mar t Beta: Small Cap S mar t Beta: Va lu e High Yield Debt Emer ging Mark et Debt
Corporate Bond Sterling Liquidit y
Dynamic Diversified F und Infrastructur e Inde x link ed Gits Global Ag gr egate Bonds UK Non-Gilts
Emer ging Mark et E quities W orld TPI Climate Tr ansition Inde x E quity Sub F und De veloped E quitie s
The last strategic review of the glide path was completed in Feb 2024. The full report is available at https://www.ssga.com/library-content/assets/pdf/emea/dc/2024/timewise annual-rev iew-uk.pdf The Sub-Fund is only available for investment by defined contribution pension schemes and by insurance companies seeking to reinsure liabilities relating to defined contribution pensio n s c h e m e s .
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would remain restrictive. Commodities advanced strongly, led by energy, as higher prices reinforced inflation concerns, while the US dollar strengthened modestly. Overall, markets reflected a tension between resilient economic and corporate fundamentals and the prospect of interest rates remaining higher fo for longer.
Global E q u i t i e s
Global equities advanced modestly in Q3 2026, supported by resilient economic activity, strong corporate earnings and continued AI-related investment, despite higher bond yields, inflation concerns and geopolitical tensions. The FTSE AW World Index gained 1.6% over the quarter and 18.7% year to date. Improving earnings expectations supported equity resilience, particularly in the US and emerging markets. Market leadership broadened, with technology remaining a key contributor alongside improving performance from energy and financials. Developed markets generally outperformed emerging markets, while tighter monetary policy and higher interest rates remained headwinds for valuations, contributing to varied performance across regions an d sectors.
UK equities w were relatively resilient during the quarter, with the FTSE All-Share Index returning +2.8%. The market benefited from its greater exposure to Financials, Energy, and other value-oriented sectors, while attractive valuations and strong dividend support also contributed to performance. Compared with continental Europe, UK equities were better positioned to navigate the higher-rate environment and shifting market leadership away from growth oriente d sectors.
European equities underperformed broader developed markets during the third quarter of 2026, with the MSCI Europe Index declining 1.9%. Performance was weighed down by rising interest rates, concerns around the earnings outlook, and the region's relatively limited exposure to the AI-driven investment themes that continued to support equity markets elsewhere. Sector performance reflected the higher-rate environment, with Value outperforming Growth and Financials benefiting, while more rate sensitive areas lagged. Investors remained focused on earnings momentum and AI-related opportunities, where European companies offered less direct exposure than US and Asian peers. The ECB's continued tightening contributed to higher yields and concerns over the impact of restrictive policy on growth and valuations. Nevertheless, resilient corporate earnings helped limit downside pressure across European equity markets during th e quarter.
US equities delivered positive returns in the third quarter of 2026, with the S&P 500 returning +2.2%, supported by resilient economic activity, robust corporate earnings, and continued investment related to artificial intelligence(AI). The index reached multiple
record highs during the quarter as investors responded positively to improving earnings expectations and ongoing strength in business investment. Technology led returns as AI investment supported earnings, while leadership broadened to Financials and cyclical sectors despite higher rates and a hawkish policy y backdrop.
Canadian equities also advanced during the quarter, with the FTSE Canada Index returning +1.5%. Performance was supported by strength in Financials and other value-oriented sectors, which benefited from resilient economic growth and the higher-rate environment. Compared with the US market, Canadian equity returns were less dependent on AI-related leadership and reflected broader sector part icipation.
Within A Asia-Pacific equities , the MSCI AC Asia Pacific Index returned 1.76% in USD terms during the third quarter of 2026. Market performance reflected a balance between resilient corporate earnings and continued investment in AI-related technologies on the one hand, and the headwinds of higher interest rates and tighter financial conditions on the other. Japan and Australia posted modest gains during the quarter, while performance across several Asian markets was more mixed. Elsewhere, Hong Kong equities lagged regional peers, reflecting continued investor caution toward mainland China growth prospects and a more challenging earnings en vironment.
EM equities w were modestly weaker in the third quarter of 2026, with the FTSE AW Emerging Index returning 1.6%. Market performance was mixed across regions, as resilient corporate earnings and continued investor interest in technology-related beneficiaries of the AI investment cycle were offset by higher interest rates, tighter financial conditions, and divergent economic trends across emerging markets. Returns were notably below the strong gains recorded earlier in the year. Emerging-market performance varied significantly. China and Taiwan gained on policy support and AI demand, while Korea and India declined. Technology remained an important contributor, with leadership broadening across sectors an d regions.
MENA equity markets delivered mixed performance in the third quarter of 2026. The MSCI GCC Countries Domestic Index returned 0.30% in US-dollar terms, reflecting a balance between generally resilient corporate fundamentals and ongoing geopolitical uncertainty. Performance varied across the region, with strengthin select Gulf markets offset by weakness elsewhere, while investor sentiment remained cautious amid tighter global financial conditions. GCC equities faced geopolitical uncertainty despite resilient earnings. African markets diverged, with Egypt weakening amid volatility while South Africa advanced. Across the region, corporate fundamentals, economic prospects and country-specific developments remained key performanc e drivers.
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Bonds
Global fixed income declined in Q3 2026 as higher sovereign yields outweighed carry and spread income. The Bloomberg Global Aggregate Index fell 2.5%, with losses across Treasuries, government-related bonds, corporates and securitized assets. Higher energy prices, geopolitical uncertainty and persistent inflation increased pressure on duration, while resilient economic activity supported risk assets. The Global Aggregate yield rose to 4.44%,alongside higher Treasury and corporate yields and wider credit spreads. Highyield also declined but proved relatively resilient compared with securitized assets. Policy divergence remained important as the Federal Reserve, ECB, Bank of Japan and Reserve Bank of Australia tightened policy during the quarter, while the Bank of England held rates unchanged.
US fixed income also weakened as higher inflation risks and the Federal Reserve's September rate increase pushed Treasury yields higher. The 2-yearTreasury yield rose to 4.89%, while the 10-year yield increased to 5.28%,resulting in modest curve steepening. Credit markets faced pressure from both higher underlying rates and wider risk premia, although issuer-level dispersion remained significant rather than signalling broad fundamental deterioration. High yield held up comparatively better, despite widening spreads and an increase in issuers trading at distress ed levels.
Investment-grade credit issuance remained robust, with Q3 fixed rate gross issuance reaching USD 560.8 billion and net supply USD 242.5 billion. Year-to-date gross issuance reached USD 1.88 trillion, materially ahead of the comparable 2025 period, reflecting substantial supply despite higher financing costs. Industrials and Financials accounted for the majority of issuance, while single-A and Baa-rated borrowers dominated b y quality.
TIPS also faced pressure from rising real and nominal yields. In September, the broad TIPS Index returned −3.34% in USD terms and modestly underperformed comparable Treasuries, while the 1-10-year segment declined2.14% in USD terms. Inflation remained elevated, with headline US PCE inflation at 3.4% year over year in August and core PCE at 3.0%, reinforcing the challenging backdrop for US fix ed income.
Commodities and Real Estate Investment Trus t s ( R E I Ts Ts )
Commodities delivered a strong advance in the third quarter of 2026, with the Bloomberg Commodity Index Total Return Index rising 16.1%. Quarterly returns were positive across energy, agriculture, industrial metals and precious metals, while live stock
declined. Energy recorded the largest sector gain, followed by agriculture, while industrial and precious metals posted smaller positive returns. September was more varied: energy and the broad commodity index advanced, whereas agriculture, industrial metals and precious metals declined, and livestock rose modestly. Overall, quarterly data show positive commodity performance alongside differing sector trends in September. Energy led commodity returns as supply disruptions and tighter inventories supported prices. Agriculture also gained despite September weakness, while industrial and precious metals rose modestly. Livestock underperformed, declining over the quarter despite a small September r recovery.
REITs declinedas yields moved higher, with the FTSE EPRA Nareit Developed Real Estate Indexfalling 5.6%. All REIT sectors posted negative returns, with specialty, retail,and residential being the worst p erformers.
All performance cited is calculated in GBP unless otherwise stated. . Asset A llocation
The State Street MPF Dynamic Diversified Fund began the quarter with approximately 89% allocated to grow th assets.
In July, equity markets lost some momentum as tensions between the US and Iran renewed and pushed oil prices higher, reviving inflation concerns and contributing to rising bond yields. While energy stocks benefited from the shift, technology and semiconductor shares came underpressure, leaving major US equity indices broadly flat. Despite the volatility, resilient corporate earnings and solid economic data helped prevent a broader market sell-off. Throughout the month the team slightly reduced EM equity exposure in favou r of cash.
In August, markets stabilized with investors refocusing on resilient economic growth and a supportive earnings backdrop. Strong corporate results and continued business investment helped sustain risk appetite, although gains became more selective as higher bond yields and persistent inflation limited valuation expansion. Fixed income markets remained under pressure as investors pushed back expectations for rate cuts and adjusted to a higher-for-longer policy outlook, keeping sovereign yields on an upward trend. While enthusiasm around AI-related investment remained a key market theme, performance broadened beyond the largest technology companies as investors sought opportunities across a wider range of sectors and regions. The team made minor changes, increasing EM exposure while reducing Developed Equity and Alternative exposure.
In September, markets faced a more challenging environment as rising energy prices, persistent inflation, and renewed geopolitical tensions pushed bond yields sharply higher. Investors adjusted to
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the prospect of interest rates remaining elevated for longer, leading to weakness in fixed income and greater dispersion across equity markets. Energy stocks benefited from higher oil prices, while rate sensitive sectors lagged as tighter financial conditions weighed on s entiment.
The fund ended the quarter with approximately 87% allocated to grow th assets.
Source: Bloomberg, FactSet, J.P. Morgan, Barclays, MorganStanley, Wall Street Journal, Barron's, Nareit, MSCI, S&P Global, Institutefor Supply Management® t® ®
(ISM® M®) ®
), and FTSE, as of 30 Septem em be ber er 20 202 026 26. 6.
All performance cited is calculated in GBP unless otherwis ise se st sta tat ate ted ed. d.
Past performance is not a reliable indicator of future performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable. Investing involves risk including the risk of loss of p r i n c i p a l .
A p p e n d i x : S t at at e S t r e e t I n v e s t m e n t M a n a g e m e n t M a r ke ke t R e g i m e I n d i c at at o r
The Market Regime Indicator (MRI) is aproprietary macro indicator developed by State Street Investment Management 's Investment Solutions Group. The MRI is based on forward looking market information and is designed to identify the level of risk aversion/appetite in the market. Factors utilised to generate the signal include implied equity and currency volatility as well as spreads on fixe xe d i n c o m e .
The regime indicator was the result of over twelve months of rigorous testing by the Investment Solution Group. The test results showed that the indicator tracks historical market stress events, and trading strategies based on the indicator generated positive outper fo fo r m a n c e .
The Investment Solutions Group usesthe MRI as one of the inputs into its global tactical asset-allocation decision makin g p r o c e s s .
By design, the MRI signal variesbetween 0% and 100%. On this scale, a high level is often characterised bymarket tensions,
such as a significant increase in volatility and a drop inrisky ass e t p r i c e s .
WE HAVE IDENTIFIEDFIVE DIFFERENT MARKE T REGIMES:
1. C r i s i s (level close to 100%) - Extreme riskaversion ('Fe ar/Panic')
2. H i g h R i s k Av Av e r s i o n (level above the average) - Aversiontowards risk-taking and ri sky assets
3. N o r m a l (level oscillating around the mean) Usuallycharacterised by a neutral market sentiment
4. L o w R i s k Av Av e r s i o n (level below the average) - Appetitetowards risk-taking and ri sky assets
5. E u p h o r i a a (level closeto 0%) - Extreme risk appetite ('Greed'/ Co mplacency)
Source: Bloomberg, FactSet, J.P. Morgan, Barclays, Morgan Stanley, Wall Street Journal, Barron's, Nareit, MSCI, S&P Global, and FTSE, as of 30 Septe mber 2026. All performance cited is calculated in GBP unless otherwi s e s t at at e d . Past performance is not a reliable indicator of future performance. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable. Investing involves risk including the risk of loss of p r i n c i p a l .
Contact Us
Visit our website at s t at at e s t r e e t . c o m / i m or contact your representative State Street Investment Management 's office.
Anna Hayes Client Relationship Manager +44 (0) 20 3395 6022
Chris Edwards Client Relationship Manager +44 (0) 20 3395 3932
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statestr eet.com/im
State Street Global Advisors (SSGA) is now State Street Investment Management. Please go to statestreet.com/investment management for more in fo fo r m a t i o n . Marketing Com m u n i c a t i o n
Important I n fo fo r m a t i o n For investors in the United Kingdom: State Street Global Advisors Limited. Authorised and regulated by the Financial Conduct Authority. Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000. F: 020 3395 6350. www. statestr eet.com/im The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professiona l advisor. This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate EU regulator) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this comm unication. The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the applicable regional regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment r e s e a r c h . If you have a complaint about any matter relating to this product, you should contact your representative at State Street Global Advisors using the contact details provided above. It is
State Street Global Advisors' policy to fairly, consistently and promptly assess under the circumstances the subject matter of all complaints and, where warranted, to consider what remedial action or redress may be appropriate, taking into account all relevant factors. A copy of State Street Global Advisors' internal complaints procedure is available o n request. In determining which investments are appropriate for the Sub-Fund, State Street Global Advisors' does not take into account any individual's personal circumstances. Before you invest in the Sub-Fund, you should consider whether the Sub-Fund is suitable for you and for any persons on behalf of whom you are investing. If you or such persons on behalf of whom you are investing have any doubt or questions in relation to whether the Sub-Fund is suitable for any such person, you or they (as relevant) should seek financial, legal, actuarial or t ax advice. Investing in the Strategy is effected by means of a contract of linked long-term insurance issued by Managed Pension Funds Limited (MPF). MPF and SSGA are wholly owned subsidiaries of State Street Corporation. State Street Global Advisors is not contractually obliged to conduct its insurance mediation business exclusively with one or more insurers and does not provide any advice on contracts of insurance. Nonetheless, SSGA's insurance intermediation services are only provided in relation to contracts of insurance provid ed by MPF. The Strategy is available to pension schemes registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004. This document should therefore only be circulated to the trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Conduct Authority). It should not be circulated to or relied upon by any other persons, including scheme members. Scheme members should consult with their employer or schem e trustee. Managed Pension Funds Limited (“MPF”) is a pooled investment vehicle enabling pension scheme investors to invest in one or more sub-funds of MPF. MPF is an insurance undertaking and investors in MPF receive a unit-linked policy, which is a type of insurance policy, and are allocated units in the relevant Sub-Fund(s) in which they invest. MPF has appointed State Street Global Advisors Limited (“SSGAL”) to act as investment manager to MPF. SSGAL may delegate provision of investment management services to its affiliated entities. MPF is authorized by the Prudential Regulation
Authority (PRA) and regulated by the Financial Conduct Authority an d the PRA. MPF is available to pension schemes registered with HM Revenue and Customs for the purposes of Part 4 of the Finance Act 2004. MPF is also available to certain insurance companies that wish to reinsure liabilities that the insurers have arising under unit linked life policies issued by the insurers to underlying pension scheme investors. Before investing you should consult with your tax or financial advisor to ensure you qualify to invest in MPF. Scheme members should consult with their employers or scheme trustees. Please note that neither SSGAL or MPF offer actuarial services and any investment service undertaken by those firms with an objective of matching projected pension fund liabilities does not include, or take responsibility for, the calculation of projected li abilities. Illustrations exclude the impact of fees, and actual investment returns may differ from projected cashflows, these projected cashflows are not projections of any future benefit payable under a specifi c policy. Please refer to the MPF Key Features Document and Policy Document for full details about the Fund, including fees and risks. Please refer to the “General Risks Applicable to All Sub-Funds” and to the relevant “Sub-Fund Specific Risk Factors” sections of the “Key Features of Managed Pension Funds Limited” document, which is available at: https://www.ssga.com/ publications/firm/Key-Features-of Managed-Pension-Funds-L i m i t e d . p d f Investing in the Sub-Fund is effected by means of a contract of linked long-term insurance issued by Managed Pension Funds Limited (MPF). MPF and SSGA are wholly owned subsidiaries of State Street Corporation. SSGA is not contractually obliged to conduct its insurance mediation business exclusively with one or more insurers and does not provide any advice on contracts of insurance. Nonetheless, SSGA's insurance intermediation services are only provided in relation to contracts of insurance provid ed by MPF. The Sub-Fund is available to pension schemes registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004. This document should therefore only be circulated to the trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Conduct Authority). It should not be circulated to or relied upon by any other persons, including scheme members. Scheme members should
consult with their employer or schem e trustee. Timewise Target Retirement Sub-Fund's are designed for investors expecting to retire around the year indicated in each Sub-Fund's name. When choosing a Sub-Fund, investors should consider whether they anticipate retiring significantly earlier or later than age 65 even if such investors retire on or near a Sub-Fund's approximate target date. There may be other considerations relevant to Sub-Fund selection and investors should select the Sub-Fund that best meets their individual circumstances and investment goals. The Sub-Fund's asset allocation strategy becomes increasingly conservative as it approaches the target date and beyond. The investment risks of each Sub-Fund change over time as its asset allocatio n changes. Investing involves risk including the risk of loss of principal. All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied o n as such. The returns on a portfolio of securities which exclude companies that do not meet the portfolio's specified Sustainable Investment criteria may trail the returns on a portfolio of securities which include such companies. A portfolio's Sustainable Investment criteria may result in the portfolio investing in industry sectors or securities which underperform the market as a whole. TER Max represents the fund's aggregate operating and management fees excluding transaction costs. Transaction costs are billed separately to the fund. The embedded cost information can be found in the MPF Embedded Costs Document. The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data. The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street Global Advisors' express writte n consent. © 2026 State Street Co rporation. All Rights Reserved. Expiration Date: 31/01/2027
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